| 
| Hits: 182
Life Insurance policies pay out if you die within the term of the policy. This is usually the cheapest way to provide financial protection for your family in the event of your death. Coming to terms with the loss of a loved one is never an easy thing to do and adding financial difficulties to the grief can make coping even harder. Receiving a lump sum of money can help to support your family after you die.
Some of the reasons to take out life insurance include:
- repayment of mortgage
- help with the cost of childcare
- replacing your income
- education expenses
Whatever the reason, it is important to ensure your family can maintain the standard of living to which they were accustomed.
There are various types of life assurance policies:
Level Term
The same level of cover is maintained throughout the policy term and can be used in conjunction with an interest-only mortgage.
Decreasing Term Assurance
This type of policy pays out an amount which reduces throughout the term of the plan and is mainly used to protect repayment mortgages.
Family Income Benefit
This provides a regular income which is paid out for the remaining term of the policy if you die. FIB can provide a replacement income and may be index-linked to inflation.
Critical Illness
Insurance that pays a lump sum if you are diagnosed with a specified critical illness covered by your policy.
Please complete the CONTACT ME form for more help and information.